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U.S. Corporate Debt Lenders Are Joining the Israeli Bond Boom. Are They Getting In Too Late?

12.21.2018

“The Israeli investors are very sophisticated, but it was going to be a matter of time before they understood all of the nuances of U.S.-based issuers,” said Jonathan Chassin of the Moinian Group, a Manhattan-based development firm that has raised more than $530 million on the TASE through two separate bond issuances to date.

Chassin, a former Morgan Stanley executive who now leads the developer’s real estate lending arm, Moinian Capital Partners, acknowledged the “volatility” facing the Israeli market for U.S. issuers but said the market is adjusting to the varying qualities of U.S.-based companies via “tiering in terms of the pricing on different bonds.” He also described the market’s embrace of debt players like PennantPark, Medley and MGG as “a natural progression” that “only makes sense” given the success with which U.S. real estate firms have been able to raise capital there and the appetite that Israeli investors have for exposure to the U.S. market.

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